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Tables of Contents for Corporate Financial Analysis
Chapter/Section Title
Page #
Page Count
Analyzing Corporate Performance
1
88
Who Needs to Analyze Corporate Performance?
2
1
Financial Statements
3
9
Statement of Earnings
3
2
Statement of Financial Position
5
1
Statement of Cash Flows
5
3
Statement of Changes in Shareholders' Equity
8
2
Financial Statement Footnotes
10
2
Analysis of Financial Statements
12
38
Profitability Analysis Using Ratios
14
4
Profitability Analysis Using Common-Size Statements
18
1
Profitability Using Growth Rates
19
3
Asset Utilization Ratios
22
8
Capitalization Ratios
30
8
Sustainable Growth Rate
38
4
Market Ratios
42
4
Return Versus Risk Performance Ratios
46
4
Comparative Ratio Analysis
50
5
Historical Comparisons
51
2
Comparisons to Other Companies
53
1
Comparisons with Others in the Industry
54
1
Summary
55
33
Cross-Border Ratio Analysis
63
25
Forecasting Future Needs
88
38
Cash Budgets
89
7
Projected Financial Statements
96
3
Developing Projections Directly
96
3
Developing Financial Statement Forecasts from Cash Budgets
99
1
Projecting Financial Statements in Highly Uncertain Conditions
99
4
Analyzing Assumptions
103
8
Historical Comparisons
104
3
Sensitivity Analysis---One Scenario
107
2
Sensitivity Analysis---Three Scenarios
109
1
Probability Analysis
110
1
Multi-Currency Financial Statements
111
7
The Importance of Exchange Rates
111
1
Exchange Rate Theories
112
2
How Exchange Rates Affect Forecasts
114
4
Summary
118
8
Managing Working Capital
126
20
The Working Capital Cycle
126
6
The Impact of Inflation
128
1
The Impact of Sales Growth
128
2
The Impact of Variable Sales Demand
130
2
Cash Management
132
3
Managing Receipts
132
1
Managing Disbursements
133
1
Investing Cash Balances
133
2
Managing Other Working Capital Requirements
135
2
Accounts Receivable
135
1
Inventories
136
1
Financing Working Capital
137
3
Summary
140
6
Valuation 1: Capital Budgeting
146
59
Cost-Benefit Analysis of Proposed Investments
147
5
Cash Benefits
148
1
Cash Payments
148
4
Evaluating Incremental Costs and Benefits
152
4
Mutually Exclusive Investments: The Breakfast Proposal
153
2
Mutually Exclusive Investments: Salad, Sushi, and Pasta Bar Proposal
155
1
Choosing Among Investments
156
13
Simple Valuation Methods
156
4
Dealing with the Timing of Cash Flows: Discounting Techniques
160
9
Ranking Projects
169
1
Assessing and Incorporating Risk
169
9
Defining Risk
169
1
Changing the Discount Rate
170
1
Risk Categories by Investment Type
171
1
Danger of Raising Discount Rates: New Products and New Processes
172
1
Cash Flow Manipulation to Incorporate Risk
172
1
Multi-Scenario Analysis
173
3
Upside Risk Analysis---Contigent Claims Analysis
176
2
Other Consideration in Creating Value
178
7
The Impact of Taxes and Depreciation on Value
178
4
Including Investment-Size Considerations
182
1
Incorporating Expected Inflation
183
2
Summary
185
20
Real Options and Capital Investing
190
13
Tax Codes and Depreciation in Highly Inflationary Environments
203
2
Valuation 2: Acquisitions and Divestitures
205
34
Present Value Analysis of Cash Flows
211
12
Calculating the Value of an Acquisition Without Synergy
211
3
Calculating the Marginal Benefit of an Acquisition with Synergy
214
3
The Value of Redundant Assets
217
1
Calculating the Marginal Benefit of an Acquisition with Growth
218
1
Terminal Value
218
3
Inflation and Growth
221
2
Valuation Using Market Multiples
223
5
Earnings Multiples
223
4
Other Multiples for Valuation
227
1
Other Valuation Techniques
228
6
Book Value
229
1
Liquidation Value
229
1
Replacement Cost
230
1
Market Value
230
1
Divident Discount Valuation
231
1
Relationship between Earnings, Cash Flow, and Dividend Discount Models of Valuation
232
1
Cross-Border Acquisitions
233
1
Summary
234
5
The Required Rate of Return on Equity
239
36
What Is a Shareholders' Return?
239
1
Capital Market Basics
240
6
Cash Flow Valuation Models
246
9
The Dividend-Discount Method
246
7
Discounted Cash Flow Models
253
2
Implicit Required Return on Equity
255
1
Capital Market Estimations---Risk Premium Models
255
12
The Stock-Bond Yield Spread
256
1
The Capital Asset Pricing Model
257
9
Using the CAPM
266
1
Other Concerns in Determining Required Return on Equity
267
1
New Equity Issues
267
1
Cost of Retained Earnings
267
1
Preferred Stock
268
1
Required Return on Equity for Private, Non-U.S., or Companies Experiencing Change
268
2
Summary
270
5
Obtaining Outside Capital
275
64
The Value of Leverage
276
7
Sources of Debt Financing
283
4
Determining the Cost of Debt
287
4
RICHS Analysis
291
26
Risk to Lenders
294
5
Income
299
7
Control
306
2
Hedging and Speculating
308
7
Greenway's Financing Decision
315
1
Leasing
315
2
Leverage in Acquisitions
317
1
Summary
317
22
The Weighted-Average Cost of Capital and Free Cash Flow Valuation
322
12
Adjusted Present Value: The Case of the Leveraged Acquisition
334
5
Appendix Solutions to Study Questions
339
52
Index
391